‘With An Optimistic Eye Toward The Future,’ Beam Suntory CEO Steps Down After 12 Years
Kentucky Gov. Andy Beshear (from left), Beam Suntory President and CEO Albert Baladi, James B. Beam Distilling Co. seventh-generation master distiller Fred Noe and master distiller of the Fred B. Noe Distillery Freddie Noe raise a glass at the James B. Beam Distilling Company celebration May 12, 2022, in Clermont, Kentucky. Baladi announced he was stepping down from his role as CEO on Tuesday. (Photo: Beam Suntory)
Beam Suntory CEO Albert Baladi announced he will be stepping down after a 12-year tenure in the position and passing his responsibilities on to the company’s current senior vice president chief growth & brands officer, Greg Hughes. Baladi’s decision to step down was announced in a news release Tuesday.
Baladi worked on Beam Suntory’s executive team for the past twelve years and spent the past five years working as president and CEO.
Under his leadership, Beam Suntory’s annual sales have grown to over $5 billion. The company experienced extensive growth with premium brands accounting for the majority of its sales, according to the statement.
“It is with an optimistic eye toward the future and extreme pride for all that has been accomplished that I have made the personal decision to step down and make way for the next leader,” Baladi said in a statement.
Baladi’s decision appeared to be one made with plenty of careful consideration.
Although Baladi will be passing the reins to Hughes, he will still be acting as an advisor to the CEO through the end of the year and acting senior advisor for Beam Suntory until 2024.
“The decision I have been contemplating for some time with my family, and given the strength of the company, the clear growth strategy in place for the future and the right team in place, now is the right time to hand the reins over to my successor, Greg Hughes and his exceptional leadership,” Baladi said in the news release
Beam Suntory is known for its focus on premium whiskeys like Jim Beam, Maker’s Mark, Yamazaki, Hibiki and scotches like Bowmore and Laphroaig. The company released limited premium expressions of Yamazaki and Hakushu whiskies in May to celebrate 100 years of history.
Hughes hosts over three decades of experience in management roles and consumer goods. He joined the Beam Suntory team in 2015, focusing on the North American market.
“I’m humbled and excited as I step in to lead Beam Suntory into our organization’s next chapter as we transform this business to achieve our ambition and become the World’s Most Admired Premium Spirits Company and accomplish our 2030 goals,” Hughes said. “We have great people, great brands, and a strong supporter in Suntory Group — a winning combination that promises a bright future for the company.”
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